SKG

Tàu cao tốc Superdong - Kiên Giang ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 13.07%, +5.43pp YoY

Price

9,130

Latest close

04 Jun 2026

P/E 10.60x

P/B 0.66x

EPS 861

BVPS 13,895

ROE 6.3%

ROA 6.2%

Profit Margin 13.1%

Asset Turnover 0.47x

Equity Mult. 1.02x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, SKG has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 438bn
	                                
+13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 57bn
	                                
+94.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	421.9	381.1	409.4	409.8	167.2
Growth	+11%	-7%	-0%	+145%	—
Net Income	47.9	34.0	69.7	43.0	-38.5
Net Margin	11.36%	8.91%	17.03%	10.49%	-23.06%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	126.5	74.3	98.7	138.0	110.9	66.0	81.6	125.9	107.7	69.4	91.4	131.0
Growth	+70%	-25%	-29%	+24%	+68%	-19%	-35%	+17%	+55%	-24%	-30%	—
Net Income	24.9	-8.9	7.3	33.8	15.7	-10.6	-3.1	27.4	20.3	-6.8	7.8	35.3
Net Margin	19.72%	-12.01%	7.45%	24.50%	14.13%	-16.02%	-3.81%	21.76%	18.81%	-9.87%	8.58%	26.93%

Drivers of SKG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 37.9bn

Tax ↑ 5.0bn

Selling expenses ↑ 3.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 11.5bn

Selling expenses ↑ 1.5bn

Tax ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.3% = 7.6% × 0.42 × 1.02

2026Q1 6.3% = 13.1% × 0.47 × 1.02

ROE rose from 3.3% to 6.3% — mainly driven by net margin.

Net margin: 13.1% +5.4pp Asset turnover: 0.47x +0.05x Leverage: 1.02x -0.00x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 13.07%, rising 5.4pp. The main driver is Gross margin rose 6.0pp and SG&A / Revenue fell 0.7pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.2pp and Net financial result / Revenue fell 0.2pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 13.07% +5.4pp

Gross Margin 28.02% +6.0pp

SG&A / Revenue 14.91% −0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 12.84% +5.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.02x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital absorbed 14.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −8.3bn

Inventories increased → lower CFO: −6.6bn

Payables increased → higher CFO: +0.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.3 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 3.2 days, and DPO fell 1.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 33.7 days −3.2 days

Inventory 37.3 days −1.3 days

Payables 1.9 days −1.2 days

Cash Conversion Cycle 69.0 days −3.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 72.0bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.40x +0.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 72.0bn in 2025, against investing cash flow of -197.1bn.

Post-investment cash flow was negative +125.2bn. Financing cash flow was negative +33.2bn.

CFO / net income was 1.40x.

After spending +27.1bn on fixed-asset investment, the business generated trailing free cash flow of +52.7bn.

Cash Conversion

CFO TTM 79.8bn +52.7bn

Cash Capex 27.1bn −13.9bn

FCF TTM +52.7bn +66.7bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 16.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.07% after expanding 5.4pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.40x. Even so, net financial result still accounts for 16.0% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	421.9	381.1	409.4	409.8	167.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	421.9	381.1	409.4	409.8	167.2
Cost of Goods Sold	310.8	294.0	289.3	314.4	0.0
Gross Profit	111.1	87.1	120.1	95.5	-12.4
Financial Income	10.2	12.5	17.4	8.5	8.1
Financial Expenses	0.2	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	46.3	44.0	45.4	44.1	-25.3
General and Administrative Expenses	16.9	15.9	15.1	12.8	-10.1
Operating Profit	58.0	39.6	76.9	47.2	-39.7
Other Income	1.1	2.0	6.3	1.4	0.0
Other Expenses	0.0	0.2	0.7	0.7	0.0
Other Profit	1.1	1.8	5.6	0.7	1.2
Profit Before Tax	59.1	41.4	82.5	47.9	-38.5
Current Income Tax Expense	11.1	7.4	12.8	4.9	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	47.9	34.0	69.7	43.0	-38.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	47.9	34.0	69.7	43.0	-38.5
Earnings per Share	721.00	511.00	1,101.00	678.60	-608.00
Diluted EPS	720.60	510.91	1,100.72	678.60	-608.53

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	520.7	493.3	549.3	407.8	286.9
I. Cash and cash equivalents	7.5	166.0	14.7	10.8	8.2
1. Cash	7.5	18.3	5.7	10.8	0.0
2. Cash equivalents	—	147.7	9.0	0.0	0.0
II. Short-term financial investments	180.0	10.0	199.1	206.4	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	180.0	10.0	199.1	206.4	0.0
III. Short-term receivables	292.9	280.3	299.7	154.4	126.2
1. Short-term trade accounts receivable	41.0	39.7	52.4	0.7	0.0
2. Short-term prepayments to suppliers	211.5	213.0	213.6	122.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	40.3	27.6	33.8	31.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	31.7	29.7	29.3	29.4	28.0
1. Inventories	31.7	29.7	29.3	29.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	7.3	6.4	6.8	10.6
1. Short-term prepayments	4.1	2.6	2.7	3.1	0.0
2. Value added tax to be reclaimed	4.4	4.7	3.7	3.7	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	396.5	405.4	348.1	449.3	524.6
I. Long-term receivables	0.9	0.8	0.8	0.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.9	0.8	0.8	0.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	374.6	358.9	338.8	441.6	491.9
1. Tangible fixed assets	367.0	351.4	331.1	433.5	484.1
- Cost	848.8	789.1	724.9	813.3	0.0
- Accumulated depreciation	-481.8	-437.7	-393.8	-379.8	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.7	7.5	7.7	8.1	7.8
- Cost	10.1	9.8	9.8	10.3	0.0
- Accumulated depreciation	-2.4	-2.2	-2.1	-2.2	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.9	32.3	1.4	0.9	1.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.9	32.3	1.4	0.9	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	20.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	15.1	13.4	7.1	5.8	0.0
1. Long-term prepayments	15.1	13.4	7.1	5.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	8.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	917.1	898.7	897.4	857.1	811.5
A. LIABILITIES (300=210+330)	18.1	14.4	15.4	13.1	10.5
I. Short -term liabilities	18.1	14.3	15.3	13.1	10.5
1. Short-term trade accounts payable	1.4	1.6	1.7	1.6	3.6
2. Short-term advances from customers	2.4	1.6	1.0	2.2	1.3
3. Taxes and other payables to state authorities	4.6	1.5	2.6	1.3	0.0
4. Payable to employees	9.1	8.9	9.1	7.6	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.6	0.8	0.9	0.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	899.0	884.3	882.0	844.0	801.0
I. Owner's equity	899.0	884.3	882.0	844.0	0.0
1. Owner's capital	665.0	665.0	633.3	633.3	801.0
- Common stock with voting right	664,976,970,000.00	664,976,970,000.00	633,317,350,000.00	633,317,350,000.00	633,317,350,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	6.8	6.8	6.8	6.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.0	2.0	2.0	2.0	0.0
11. Undistributed earnings after tax	213.7	199.1	228.4	190.4	147.4
- Accumulated retained earning at the end of the previous period	165.8	165.1	158.7	147.4	185.9
- Undistributed earnings in this period	47.9	34.0	69.7	43.0	-38.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	917.1	898.7	897.4	857.1	811.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	59.1	41.4	82.5	47.9	-38.5
Depreciation of Fixed Assets and Investment Property	44.4	44.1	43.9	52.1	52.3
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-8.9	-10.2	-21.1	-8.5	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	94.3	75.3	105.3	91.5	5.7
Increase/(Decrease) in Receivables	-9.7	-7.4	1.4	-1.2	0.0
Increase/(Decrease) in Inventory	-2.0	-0.3	0.0	-1.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.8	-0.1	0.7	2.0	0.0
Increase/(Decrease) in Prepaid Expenses	-3.2	-6.4	-0.9	2.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.2	-8.3	-11.3	-0.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	72.0	52.8	95.3	92.8	8.5
Payments for Fixed Assets and Other Long-term Assets	-32.0	-91.4	-94.6	-23.3	-38.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	14.8	15.5	0.0	0.0
Loans and Purchases of Debt Instruments	-242.0	-41.5	-271.0	-255.4	-141.0
Receipts from Loan Repayments and Sale of Debt Instruments	72.0	230.6	278.3	183.0	185.9
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.9	17.6	12.1	5.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-197.1	130.1	-59.7	-90.2	16.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-33.2	-31.7	-31.7	0.0	-31.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-33.2	-31.7	-31.7	0.0	-31.7
Net Cash Flow During the Period	-158.4	151.3	3.9	2.6	1.9
Cash and Cash Equivalents at Beginning of Period	166.0	14.7	10.8	8.2	14.6
FX Difference from Revaluation	0.0	-0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	7.5	166.0	14.7	10.8	8.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	126.5	74.3	98.7	138.0	110.9	66.0	81.6	125.9	107.7	69.4	91.4	131.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	126.5	74.3	98.7	138.0	110.9	66.0	81.6	125.9	107.7	69.4	91.4	131.0
Cost of Goods Sold	82.9	69.9	76.9	85.2	78.8	64.2	72.6	84.1	73.2	64.8	72.1	77.9
Gross Profit	43.6	4.4	21.8	52.8	32.2	1.8	9.0	41.8	34.5	4.6	19.3	53.1
Financial Income	2.6	2.8	2.6	3.2	1.7	1.8	2.1	4.8	3.7	4.1	5.6	4.2
Financial Expenses	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0	-0.3	0.3
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.1	11.1	11.1	12.5	11.6	10.9	10.1	11.8	11.2	10.5	10.7	12.3
General and Administrative Expenses	4.2	5.4	3.8	4.1	3.7	4.9	3.5	3.7	3.8	5.1	3.9	3.1
Operating Profit	28.8	-9.2	9.5	39.2	18.5	-12.1	-2.6	31.1	23.2	-7.0	10.6	41.4
Other Income	0.4	0.2	0.4	0.3	0.2	1.3	0.1	0.3	0.3	0.1	0.2	0.3
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.5	0.2	0.0
Other Profit	0.4	0.2	0.4	0.3	0.2	1.3	0.1	0.2	0.1	-0.3	-0.0	0.3
Profit Before Tax	29.2	-9.1	9.8	39.6	18.7	-10.8	-2.5	31.4	23.3	-7.4	10.6	41.7
Current Income Tax Expense	4.3	-0.1	2.5	5.8	3.0	-0.3	0.6	4.0	3.1	-0.5	2.8	6.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	24.9	-8.9	7.3	33.8	15.7	-10.6	-3.1	27.4	20.3	-6.8	7.8	35.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.9	-8.9	7.3	33.8	15.7	-10.6	-3.1	27.4	20.3	-6.8	7.8	35.3
Earnings per Share	375.00	-134.00	111.00	509.00	236.00	-163.00	-47.00	432.00	320.00	-108.00	124.00	557.00
Diluted EPS	375.00	-134.00	111.00	509.00	236.00	523.00	-47.00	432.00	320.00	-108.00	124.00	557.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	493.1	520.7	519.5	502.1	484.8	493.3	522.6	519.0	549.0	549.3	486.4	495.7
I. Cash and cash equivalents	18.6	7.5	6.5	15.3	103.7	166.0	158.8	42.0	19.4	14.7	29.4	15.9
1. Cash	18.6	7.5	6.5	15.3	10.7	18.3	10.3	12.0	19.4	5.7	24.4	15.9
2. Cash equivalents	—	—	—	—	93.0	147.7	148.5	30.0	0.0	9.0	5.0	0.0
II. Short-term financial investments	183.2	180.0	190.0	171.0	74.0	10.0	37.0	144.6	186.1	199.1	150.5	199.9
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	183.2	180.0	190.0	171.0	74.0	10.0	37.0	144.6	186.1	199.1	150.5	199.9
III. Short-term receivables	244.8	292.9	282.0	274.1	266.5	280.3	290.1	293.5	299.1	299.7	269.2	242.5
1. Short-term trade accounts receivable	41.0	41.0	40.6	41.2	39.8	39.7	39.6	39.9	37.8	52.4	52.3	65.6
2. Short-term prepayments to suppliers	168.8	211.5	203.6	196.4	200.4	213.0	223.8	221.2	225.4	213.6	184.1	142.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	35.0	40.3	37.8	36.6	26.4	27.6	26.7	32.5	35.9	33.8	32.9	34.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	35.5	31.7	31.8	31.7	28.9	29.7	27.7	28.1	34.5	29.3	30.0	29.8
1. Inventories	35.5	31.7	31.8	31.7	28.9	29.7	27.7	28.1	34.5	29.3	30.0	29.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	11.0	8.5	9.1	9.9	11.8	7.3	9.1	10.7	10.0	6.4	7.3	7.5
1. Short-term prepayments	3.2	4.1	4.7	4.4	3.5	2.6	3.5	3.6	3.5	2.7	3.6	3.8
2. Value added tax to be reclaimed	6.9	4.4	4.4	5.5	8.3	4.7	5.5	7.1	6.5	3.7	3.7	3.7
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	446.2	396.5	408.5	420.6	428.8	405.4	386.6	397.6	369.0	348.1	413.0	404.7
I. Long-term receivables	—	0.9	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.9	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	427.3	374.6	385.0	395.7	406.9	358.9	370.1	381.2	359.4	338.8	349.2	359.9
1. Tangible fixed assets	419.7	367.0	377.2	387.9	399.3	351.4	362.5	373.6	351.7	331.1	341.7	352.3
- Cost	912.7	—	—	—	—	789.1	789.1	789.1	756.2	724.9	724.9	724.9
- Accumulated depreciation	-493.0	—	—	—	—	-437.7	-426.6	-415.5	-404.5	-393.8	-383.2	-372.5
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	7.6	7.7	7.7	7.8	7.6	7.5	7.6	7.6	7.6	7.7	7.5	7.6
- Cost	10.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.3	5.9	6.3	6.2	6.2	32.3	1.5	0.9	1.2	1.4	1.1	0.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.3	5.9	6.3	6.2	6.2	32.3	1.5	0.9	1.2	1.4	1.1	0.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	55.7	36.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	55.7	36.7
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.6	15.1	16.3	17.9	15.0	13.4	14.3	14.8	7.6	7.1	6.1	6.4
1. Long-term prepayments	13.6	15.1	16.3	17.9	15.0	13.4	14.3	14.8	7.6	7.1	6.1	6.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	939.3	917.1	928.0	922.7	913.7	898.7	909.2	916.6	918.0	897.4	899.4	900.4
A. LIABILITIES (300=210+330)	15.4	18.1	20.0	22.1	13.7	14.4	14.3	18.6	15.7	15.4	10.6	19.4
I. Short -term liabilities	15.3	18.1	20.0	22.1	13.6	14.3	14.2	18.5	15.7	15.3	10.5	19.3
1. Short-term trade accounts payable	1.7	1.4	1.9	4.2	1.7	1.6	1.3	2.1	3.4	1.7	2.2	3.3
2. Short-term advances from customers	3.8	2.4	0.7	2.4	3.5	1.6	0.7	2.5	3.1	1.0	0.4	2.3
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	5.3	4.6	12.1	10.7	3.8	1.5	6.8	9.0	4.4	2.6	2.9	9.5
4. Payable to employees	2.7	9.1	3.5	2.6	2.5	8.9	3.5	2.7	2.6	9.1	3.2	2.4
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.8	0.6	1.8	2.1	2.1	0.8	1.9	2.2	2.2	0.9	1.8	1.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	924.0	899.0	907.9	900.6	900.0	884.3	894.9	898.0	902.3	882.0	888.9	881.0
I. Owner's equity	924.0	899.0	907.9	900.6	900.0	884.3	894.9	898.0	902.3	882.0	888.9	881.0
1. Owner's capital	665.0	665.0	665.0	665.0	665.0	665.0	665.0	633.3	633.3	633.3	633.3	633.3
- Common stock with voting right	664,976,970,000.00	664,976,970,000.00	664,976,970,000.00	664,976,970,000.00	664,976,970,000.00	664,976,970,000.00	664,976,970,000.00	633,317,350,000.00	633,317,350,000.00	633,317,350,000.00	633,317,350,000.00	633,317,350,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5	11.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
11. Undistributed earnings after tax	238.7	213.7	222.7	215.3	214.7	199.1	209.6	244.4	248.7	228.4	235.3	227.4
- Accumulated retained earning at the end of the previous period	213.7	165.8	165.8	165.8	199.1	165.1	165.1	196.7	228.4	158.7	158.7	158.7
- Undistributed earnings in this period	24.9	47.9	56.8	49.5	15.7	34.0	44.5	47.7	20.3	69.7	76.6	68.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	939.3	917.1	928.0	922.7	913.7	898.7	909.2	916.6	918.0	897.4	899.4	900.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	29.2	-9.1	9.8	39.6	18.7	-10.8	-2.5	31.4	23.3	-7.4	10.6	41.7
Depreciation of Fixed Assets and Investment Property	11.3	10.8	10.7	11.5	11.4	11.1	11.2	11.1	10.7	10.7	10.7	40.8
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.8	—	-1.0	—	0.0	2.1	-2.1	0.0	1.4	-1.8	0.3
Gain/Loss from Investment Activities	-2.6	-2.6	-2.6	-2.1	-1.6	-1.8	-2.1	-2.8	-3.5	-3.8	-4.2	-9.6
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	37.9	-1.2	19.1	47.9	28.5	-1.5	8.6	37.6	30.6	1.0	15.4	73.2
Increase/(Decrease) in Receivables	-1.3	-0.9	-0.8	-5.3	-2.8	-0.2	-2.9	-28.9	24.7	1.6	0.7	65.3
Increase/(Decrease) in Inventory	-3.7	0.1	-0.1	-2.9	0.8	-2.0	0.5	6.3	-5.1	0.7	-0.2	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.9	6.2	-4.6	2.7	-2.5	6.8	-3.9	-0.2	-2.7	5.3	-5.0	0.3
Increase/(Decrease) in Prepaid Expenses	2.4	1.7	1.3	-3.8	-2.4	1.7	0.6	-7.4	-1.3	-0.1	0.5	-0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.1	-8.0	0.0	-0.0	-1.2	-5.2	-1.0	-2.1	0.0	-0.0	-6.6	-4.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	28.2	-1.9	14.9	38.6	20.3	-0.4	1.8	5.3	46.1	8.5	4.8	134.8
Payments for Fixed Assets and Other Long-term Assets	-15.5	-7.7	-6.0	2.0	-20.4	-21.5	-0.5	1.4	-70.7	-30.8	-41.0	-101.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	14.8	0.0	14.5	1.0
Loans and Purchases of Debt Instruments	-40.2	-5.0	-71.0	-97.0	-69.0	0.0	-4.5	-37.0	0.0	-55.7	-65.6	-102.7
Receipts from Loan Repayments and Sale of Debt Instruments	37.0	15.0	52.0	0.0	5.0	27.0	112.1	78.5	13.0	62.8	96.0	91.7
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.6	0.6	1.3	1.3	1.7	2.0	7.9	6.1	1.5	0.4	4.7	4.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-17.1	2.9	-23.7	-93.7	-82.7	7.6	115.0	49.0	-41.4	-23.2	8.6	-107.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-33.2	—	0.0	0.0	-31.7	0.0	0.0	-0.0	-31.7
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	-33.2	—	0.0	0.0	-31.7	0.0	0.0	-0.0	-31.7
Net Cash Flow During the Period	11.1	1.0	-8.8	-88.3	-62.3	7.2	116.8	22.6	4.6	-14.6	13.5	-4.5
Cash and Cash Equivalents at Beginning of Period	7.5	6.5	15.3	103.7	166.0	14.7	14.7	14.7	14.7	10.8	10.8	10.8
FX Difference from Revaluation	—	0.0	—	0.0	—	-0.0	-0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.6	7.5	6.5	15.3	103.7	166.0	158.8	42.0	19.4	14.7	29.4	15.9

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SKG

What Is Changing

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Balance Sheet ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow